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FAQS

HOW ARE ENGAGEMENT FEES DETERMINED?

We will endeavour to set a fixed fee for each engagement. Our fees are based on hourly charge rate of the staff assigned to the engagement multiplied by the number of hours agreed upon (if the actual hours spent on the engagement is less than the agreed hours, only the actual hours spent will be charged).



HOW DO I INITIALLY ENGAGE WITH KDA ACCOUNTANTS?

You will be provided with an initial consultation. The main purpose of this meeting is for us to find out your needs and to gather the relevant background information to help you.

Once it is determined that we can assist you, we will issue you an engagement letter detailing the scope of work, expected outcomes, time frame for each deliverable together with an estimated fee.

You should carefully review this letter before considering whether to engage with us. We will not commence any work until you sign and return the engagement letter.

* Please note that the above procedures do not apply to some of our services where the size of the engagement is relatively small or is short term engagement such as simple individual tax returns



IF I HAVE TAX TO PAY, WHEN WOULD IT BE DUE?

Each taxpayer’s payment due date varies depends on several factors such as the type of entity, the amount of tax payable, the amount of taxable income, the status of previous tax returns, etc. So it is always recommended that you contact your tax agent or the ATO to find out when your tax payment is due.



HOW SOON WOULD I BE RECEIVING MY TAX REFUND?

Once your tax return has been lodged by a tax agent via online, it generally takes 4-5 working days to receive your tax refund. However, if the tax return was lodged around busy season (eg, close to due date) it makes take a little longer. Your tax agent should be able to contact the ATO to check the progress of your tax return assessment in any case. 



WHAT IS NEGATIVE GEARING?

“Negative gearing” is when you have an investment/s which is producing tax losses and those losses are allowed to be offset against your other income – effectively reducing your taxable income



WHAT ITEMS ARE DEDUCTIBLE FOR TAX PURPOSES?

It depends on your occupation and what type of investments you own. Generally, expenses are only deductible if it is directly related to your income earning activities (eg, employing staff, rent for office, etc). For each type of investment, there are different rules and tests to determine its deductibility.



IF I HAVE MORE THAN ONE JOB, DO I GET TAXED HIGHER?

No, income tax is calculated based on the level of income, not based on how many jobs you have. However, in case of having more than one job, employers are often required to withhold tax at a top marginal rate (currently 46.5% including Medicare Levy) unless it is your primary job; this may result in withholding tax from your wages/salary at a very high rate which later you can claim as a tax refund upon lodging your tax return.